SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1
to
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Month of January 2000
PEAK INTERNATIONAL LIMITED
(Exact name of Registrant as specified in its charter)
Units 3, 4, 5 and 7, 37th Floor,
Cable TV Tower
9 Hoi Shing Road,
Tsuen Wan
N.T., Hong Kong
(Address of registrant's principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F x Form 40-F
---
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No x
---
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): ______
<PAGE>
Peak International Limited files the following exhibit (which is a
corrected version of the press release filed by Peak International in a Form
6-K Report of Foreign Issuer on January 20, 2000) as part of this Report,
which is incorporated by reference into this Report:
Exhibit 99 Copy of Press Release, dated January 19, 2000, issued by
Peak International Limited
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
PEAK INTERNATIONAL LIMITED
By: /s/ Jack Menache
--------------------------------------
Name: Jack Menache
Title: Vice President, Administration,
General Counsel & Secretary
Date: January 31, 2000
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<PAGE>
Exhibit 99
Contact: Robert D. Siegfried/Jessica Contact: Calvin L. Reed, CEO
Barist Peak International Ltd.
Kekst and Company (858) 385-0308
(212) 521-4800
PEAK INTERNATIONAL ACHIEVES RECORD SALES
FOR THIRD FISCAL QUARTER
-- Third Fiscal Quarter Sales Increase Approximately 29% to $22.6 Million
from $17.5 Million in the Same Period of the Prior Year --
HONG KONG and FREMONT, California, January 19, 2000 -- Peak International
Limited (NASDAQ: PEAKF) (AMEX: PTT) today announced record sales for its
third fiscal quarter ended December 31, 1999. Revenues exceeded those in the
comparable quarter for the prior year as well as this year's second fiscal
quarter.
Peak achieved net sales of $22.6 million for its third fiscal quarter, a 29%
increase over the third fiscal quarter one year ago and a 10% increase over
this year's second fiscal quarter. Gross profit for this year's third fiscal
quarter was $10.2 million, or 45.3% of sales, compared to $7.2 million, or
41%, of sales for the same period last year. This compares favorably to the
42.2% gross profit margin for this year's second fiscal quarter. The
improvements are largely the result of economies of scale derived from
increases in unit volume.
Peak's net income for this year's third fiscal quarter reached $4.5 million,
compared to $1.9 million for the same period last year and $4.2 million for
this year's second fiscal quarter ended September 30, 1999. For this year's
fiscal third quarter, basic and fully diluted earnings per share were $0.33
and $0.32, respectively. Operating income of $4.6 million for this year's
fiscal third quarter was up 140% over the $1.9 million for the fiscal third
quarter one year ago (which included a special $2 million provision) and
comparable to the strong September 30, 1999 second fiscal quarter.
Calvin L. Reed, Peak's Chief Executive Officer, said, "We are gratified by
Peak's progress and the strength of our performance. This was achieved
despite higher expenses related to legal matters and the reorganization and
relocation of our U.S. facilities. Reflecting the continuing momentum of the
semiconductor industry, Peak experienced a 40% increase in unit volume for
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<PAGE>
its major product segment, IC shipping trays, compared to the same period of
last year and an 8% increase over this year's second fiscal quarter.
"During the quarter, management focused on manufacturing efficiencies. These
efficiencies helped offset increased legal costs, which are expected to
continue over the near-term in light of the class action lawsuit and
litigation with former management. We are pleased to announce that we
settled our litigation with the SemiCycle Foundation.
"We have focused substantial attention to penetrating the tape & reel
business. The learning curve is more difficult than we had predicted. While
we suffered some initial setbacks, we believe our entrance in this segment
will be successful.
"Inventory levels remain high and we are continuing to seek ways to reduce
them. Our large inventories around the world provide a substantial advantage
to Peak as they enable us to respond very promptly to our customer's demands
for product on short lead time. Our challenge is to find way to continue to
provide this high level of service and at the same time reduce our
inventories around the world.
Peak International, Limited is a leading supplier of precision-engineered
transport products for the storage, transportation and automated handling of
semiconductor devices and other electronic components.
This press release contains forward-looking statements that are subject to
certain risks and uncertainties, including among others, the resolution of
class action shareholder litigation, intellectual property rights of third
parties, issues relating to its operations in China, and other matters that
could cause actual results to differ materially from the projections made
herein.
-- Table Follows --
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<PAGE>
Consolidated Statements of Income
<TABLE>
<CAPTION>
Three Months Ended December 31
(Unaudited)
1999 1998
- ----------------------------------------------------------------------------
(in thousands, except per share data)
<S> <C> <C>
Net Sales $22,611 $17,488
Cost of Goods Sold 12,377 10,322
------- -------
Gross Profit 10,234 7,166
General & Administrative, and
Research & Development 3,285 1,791
Selling & Marketing 2,307 1,440
G&A -special charge 2,000
------- -------
Operating Income 4,642 1,935
Other Income -net 91 201
Interest Income -net 156 131
------- -------
Profit Before Tax 4,889 2,267
Taxation 437 384
NET INCOME $4,452 $ 1,883
-------- ---------
-------- ---------
EARNINGS PER SHARE
- Basic $0.33 $0.14
- Diluted $0.32 $0.14
Weighted Avg # Shares-Diluted 14,118 13,509
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
Nine Months Ended December 31
(Unaudited)
1999 1998
- ----------------------------------------------------------------------------
(in thousands, except per share data)
<S> <C> <C>
Net Sales $61,986 $48,561
Cost of Goods Sold 35,012 29,096
------- -------
Gross Profit 26,974 19,465
General & Administrative, and
Research & Development 8,074 5,253
Selling & Marketing 5,966 4,342
G&A -special charge 2,000
------- -------
Operating Income 12,934 7,870
Other Income -net 369 647
Interest Income -net 352 598
------- -------
Profit Before Tax 13,655 9,115
Taxation 1,237 998
------- -------
NET INCOME $12,418 $8,117
------- -------
------- -----
EARNINGS PER SHARE
- Basic $0.91 $0.60
- Diluted $0.89 $0.60
Weighted Avg #Shares-Diluted 13,987 13,523
</TABLE>
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<PAGE>
Consolidated Balance Sheets
<TABLE>
<CAPTION>
December 31, 1999 March 31,1999
(unaudited)
- ----------------------------------------------------------------------------
(in thousands)
<S> <C> <C>
ASSETS
Current assets:
Cash & cash equivalents $15,841 $10,598
Accounts receivable-net 14,856 11,828
Inventory-net 25,453 26,469
Other current assets 1,059 1,241
-------- -------
Total Current Assets 57,209 50,136
-------- -------
Property, plant and
equipment-net 52,535 43,517
--------- -------
TOTALS $109,744 $93,653
-------- -------
-------- -------
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current Liabilities:
Bank borrowings 34 0
Accounts payable 8,992 6,624
Taxation 4,782 3,805
Total Current Liabilities 13,808 10,429
------- -------
LT Provision 647 647
Deferred income taxes 1,614 1,607
-------- -------
Total Liabilities 16,069 12,683
-------- -------
Stockholders' Equity:
Share capital 137 135
Additional paid-in capital 35,084 34,620
Retained earnings 59,372 46,954
Cumulative translation adjustment (918) (739)
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Total stockholders' Equity 93,675 80,970
-------- -------
TOTALS $109,744 $93,653
-------- -------
-------- -------
</TABLE>
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